Financial Review
Gross Revenue
Gross revenue for the Financial Year (FY) ended 31 December 2010 was S$581.1 million, an increase of S$28.4 million or 5.1% over S$552.7 million for the FY ended 31 December 2009. S$15.4 million of the increase was due to Clarke Quay, which was acquired on 1 July 2010 while the balance was attributed to higher gross revenues across the malls mainly due to the higher rental rates achieved from new and renewed leases and step-up rents.
- The acquisition of Clarke Quay was completed on 1 July 2010.
- JCube (formerly known as Jurong Entertainment Centre) has ceased operations for asset enhancement works.
- The acquisition of Clarke Quay was completed on 1 July 2010.
- JCube has ceased operations for asset enhancement works.
Net Property Income
As a result of the higher gross revenue, Net Property Income (NPI) of S$399.1 million was S$22.3 million or 5.9% higher than the S$376.8 million for the FY ended 31 December 2009. Similarly, this was mainly due to Clarke Quay which was acquired on 1 July 2010 and higher rental income across the malls.
- The acquisition of Clarke Quay was completed on 1 July 2010.
- JCube has ceased operations for asset enhancement works.
- The acquisition of Clarke Quay was completed on 1 July 2010.
- JCube has ceased operations for asset enhancement works.
Distributions
For FY 2010, CMT declared distribution per unit (DPU) of 9.24 cents which comprised 2.23 cents, 2.29 cents, 2.36 cents and 2.36 cents for the periods 1 January 2010 to 31 March 2010, 1 April 2010 to 30 June 2010, 1 July 2010 to 30 September 2010 and 1 October 2010 to 31 December 2010 respectively. CMT has also retained S$10.1 million of its tax exempt income from CapitaRetail China Trust (CRCT) for distribution in FY 2011.
In FY 2009, CMT declared DPU of 8.85 cents which comprised 1.97 cents, 2.13 cents, 2.35 cents and 2.40 cents for the periods 1 January 2009 to 31 March 2009, 1 April 2009 to 30 June 2009, 1 July 2009 to 30 September 2009 and 1 October 2009 to 31 December 2009 respectively.
Overall, the total DPU of 9.24 cents for the FY ended 31 December 2010 was an increase of 4.6% over the total DPU of 8.85 cents for the FY ended 31 December 2009.
Assets
As at 31 December 2010, the total assets for CMT and its subsidiaries (CMT Group) were S$8,125.9 million compared with S$7,423.0 million as at 31 December 2009. The increase of S$702.9 million was mainly due to the acquisition of Clarke Quay at the purchase consideration of S$268.0 million on 1 July 2010, revaluation surplus of S$9.8 million, offset by the capital expenditure capitalised of S$69.4 million and the increase in cash and cash equivalents of S$377.1 million. The increase in cash and cash equivalents of S$377.1 million was mainly due to balance of proceeds from S$500.0 million Medium Term Notes and US$500.0 million (equivalent to S$699.5 million) Euro-Medium Term Notes issued under the S$2.5 billion unsecured Multicurrency Medium Term Note Programme and US$2.0 billion unsecured Euro-Medium Term Note Programme of CMT MTN Pte. Ltd. respectively, and after payment of S$268.0 million for the acquisition of Clarke Quay, repayment of the S$440.0 million borrowings due in 2010 and the repurchase of the S$100.0 million in principal amount of the S$650.0 million 1.0% convertible bonds due 2013.
- Valuation capitalisation rate refers to the capitalisation rate adopted by the independent valuers to derive the market values of each property.
- Valuation per sq ft reflects valuation of property in its entirety.
- Clarke Quay was acquired on 1 July 2010.
- Comprising Sembawang Shopping Centre, JCube, Hougang Plaza and Rivervale Mall.
- Valuation per sq ft excludes JCube which has ceased operations for asset enhancement works.
- Not meaningful because Raffles City Singapore comprises retail units, office units, hotels and convention centre.
- Valuation per sq ft excludes JCube and Raffles City Singapore.
- This relates to the acquisition of Clarke Quay on 1 July 2010 at the purchase consideration of S$268.0 million, which is based on an independent valuation dated 3 February 2010.
Financial Performance For 2006 To 2009
